ISBA ADVICE ON FINANCIAL ADVERTISING

The Incorporated Society of British Advertisers will urge the Government to simplify existing financial advertising regulations in a presentation to the Office of Fair Trading.

The ISBA will respond to the OFT’s consultation document on the Consumer Credit Act 1974 on behalf of financial advisers. The ISBA believes that a fair balance between consumer protection and industry freedom to compete needs to be established.

ISBA research shows that consumers now have a more cautious attitude to borrowing and credit and believe that cautionary advice should be presentedlater in the selling process, at the time of commitment. Standard warnings incorporated in ads confuse and are often ignored because of “information overload”.

The ISBA also believes that codes of practice and self regulation should play a larger role in ensuring consumer protection, and that existing legislation must be simplified.

ISBA 071 499 7502